Seagate shares down as sales fall shy of estimates

SAN FRANCISCO (MarketWatch) — Seagate Technology shares on Wednesday gave up almost 2%, to trade at $27.37 after the hard-disk drive maker released its fiscal first-quarter results. Before the market opened, Seagate reported a profit of $582 million, or $1.42 a share, on revenue of $3.7 billion, compared with earnings of $140 million, or 32 cents a share, on $2.8 billion in sales in the same period a year ago. Excluding one-time items, Seagate would have earned $594 million, or $1.45 a share. Analysts surveyed by FactSet had forecast Seagate to earn $1.45 a share on $3.75 billion in revenue. Seagate said that during the quarter, it sold 57.6 million disk drives.

Seagate shares down as sales fall shy of estimates

SAN FRANCISCO (MarketWatch) — Seagate Technology shares on Wednesday gave up almost 2%, to trade at $27.37 after the hard-disk drive maker released its fiscal first-quarter results. Before the market opened, Seagate reported a profit of $582 million, or $1.42 a share, on revenue of $3.7 billion, compared with earnings of $140 million, or 32 cents a share, on $2.8 billion in sales in the same period a year ago. Excluding one-time items, Seagate would have earned $594 million, or $1.45 a share. Analysts surveyed by FactSet had forecast Seagate to earn $1.45 a share on $3.75 billion in revenue. Seagate said that during the quarter, it sold 57.6 million disk drives.